From Deseret News archives:

Falling oil prices show free market is still working

Published: Sunday, Nov. 16, 2008 12:23 a.m. MST
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They should instead be looking at the world's oil-rich and belligerent nations with concern. They should imagine a world in which those regimes are impoverished and powerless, then work to make that happen.

When prices were rising, it took a while for Americans to cut back on driving. Not until gas hit $3 a gallon did demand begin to fall.

Now, reports are that demand is not rising despite falling prices. Most likely, that's due to the failing economy. Or maybe some of us feel just a little shaky about getting too addicted to oil again.

This would be a good time for the new president to announce an energy policy that tries to keep the momentum going toward alternative fuels despite falling prices. It should not be a time to make oil extraction in the United States and along its shores off-limits in the future.

Bishop was right. High prices focused Washington. We should not lose that focus.

Meanwhile, if prices keep falling, don't be surprised if Exxon, Chevron and Conoco get in line behind General Motors for some of that bailout money.

Lower gas prices really do turn the world on its head.

Jay Evensen is editor of the Deseret News editorial page. Email: even@desnews.com. Visit his blog at www.deseretnews.com/blogs.

Recent comments

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No linkage | Nov. 16, 2008 at 9:10 p.m.

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